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“In the United States, 66% of Defined Contribution (DC) pension contributions go into target date funds (TDFs) and TDFs have now taken over as receiving the majority of DC contributions from US equity,” stated Sonya Uppal, Vice President of Defined Contribution and Retirement at Franklin Templeton Investments.
In his early December article in the National Post, John Ivison, reported that the Liberal government is considering taxing employee health and dental benefits in a measure that would raise about $2.9 billion, according to sources. Read full article
Dan Lauzon, a spokesman for Finance Minister Bill Morneau, said no decisions have been taken and that any moves would not be made in isolation. The employee-sponsored health care tax exemption is being scrutinized as part of a sweeping review of 150 tax credits worth about $100 billion a year in foregone federal revenue.
The articles continues and confirms that the Department of Finance has asked seven external experts to look at the tax system to ensure that it is as fair, efficient and simple as possible; no recommendations have been made public yet.
Any change to the Dental and Health plans tax exemption would affect each and every health and dental plan sponsors and their members.
In effort to keep its members abreast on this important matter, the CPBI will be posting and highlighting new information, events on the topic will be announced soon.
Andrew Coyne: If fairness is the goal, Liberals should tax health and dental plans. December 12, 2016 - National Post
Why free-marketers should support a new tax on health and dental plans — on one condition. December 13, 2016 - Financial Post
Health Care Providers Urge Federal Government to Not Tax Health Benefit Plans. December 21, 2016
Don't tax my Benefits Campaign
Why would Ottawa even consider a tax that won’t increase revenue, but hurt middle-class Canadians? January 3, 2017 - Financial Post
Should the feds tax employer-paid health-care benefits?January 6, 2017 - Benefits Canada
Most employers today have up to four generational cohorts of employees working for their organizations, each with very distinct characteristics. The career-focused, loyal and individualistic Baby Boomers (1946 – 1965) are on the tail end of their careers, or already retired, and will represent about 15% of the workforce by 2020. Generations X and Y are the largest generational cohorts in today’s workforce. Gen Xers (1966 – 1979), once deemed the “slacker generation,” are entrepreneurial, self-reliant and globally minded. Gen Y (1980 – 1995), or “Millennials,” are a generation as large as the Baby Boomers and are group-oriented, idealistic and socially conscious, says Trish Miller, Consulting Actuary at Willis Towers Watson. Gen Z (1996 – 2010) is the first generation that is “technology native,” and will likely have about 10 to 14 jobs before age 40.
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